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Bright Food In Talks To Buy United Biscuit

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money_4 September 27, 2010 (Chinavestor) China's state-owned Bright Food Group, which controls Bright Dairy & Food (SHA:600507), is reportedly in talks to acquire the U.K.'s United Biscuits, which is owned by the Blackstone Group (NYSE:BX) and French private equity firm PAI Partners. If Bright Food is successful in its acquisition attempt, it would probably pay about $3 billion for United Biscuits, the Wall Street Journal reported, citing people familiar with the talks.

Blackstone (NYSE:BX) and PAI Partners purchased United Biscuits in 2006 for over $2 billion. The firms hired Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) in July to conduct a strategic review of United Biscuits.

Bright Food has been looking to expand its presence outside of China and tried to acquire the Sucrogen sugar and renewable-energy business of Australia's CSR Ltd. earlier this year, but lost out to Singapore's Wilmar International, the Journal reported. Bright operates more than 3,300 stores in China.

United Biscuits is well-known in Europe but has little exposure to emerging markets.



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